The US Agency for International Development (USAID) and Vietnam's Ministry of Industry and Trade (MOIT) have announced the launch of a new $3.25 million activity aimed at facilitating digital trade in the country. The initiative was unveiled as part of the US–Vietnam Comprehensive Strategic Partnership, which was announced last month during US president Joseph Biden’s visit to Vietnam.

The three-year activity, named Vietnam Digital Trade, is designed to assist MOIT in the implementation of policy frameworks that facilitate digital trade, particularly in consultation with the private sector. By shaping regulations that are responsive to private sector needs, the project aims to remove trade bottlenecks and increase regulatory transparency, ultimately benefiting enterprises of all sizes, the USAID in a press release.

The initiative will also focus on promoting the participation of small and medium enterprises (SMEs) in digital trade by introducing new business models and best practices, such as the traceability of goods. It will work to facilitate cross-border connections between enterprises via MOIT’s digital trade promotion platform, Decobiz. In addition, the activity targets female-owned enterprises and minority communities, aiming for inclusive economic growth.

USAID’s Vietnam Digital Trade activity will collaborate with local business associations like the Vietnam Chamber of Commerce and Industry and the Vietnam E-commerce Association to promote digital trade nationwide.

The newly launched activity aligns with the US Indo-Pacific Economic Framework for Prosperity. Under this framework, Vietnam and the US seek to harness innovation and high-standard rules in the digital economy to drive continued growth. This initiative builds on the longstanding successful partnership between the US and Vietnam in facilitating increased trade and improving the business environment over the past two decades.

Fibre2Fashion News Desk (DP)

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